Even as several new deals priced in the run-up to Information Management Network's Barcelona conference, the pipeline still has enough steam to pump out product over the rest of the month. The weather may be calling for siesta, but ABS flow is wide-awake.

"Spreads have shown few signs of stress at the unrelenting bias toward tightening, despite the burgeoning calendar size," Royal Bank of Scotland analysts said. "We continue to be amazed by the European market's ability to chew through new deals at high subscription multiples, and only triple-A rated volume shows signs of slowing multiple subscription levels (though still more than well-covered)."

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